Year ended December 31 (In millions except for per share data) Net sales Cost of products sold Selling and administrative expense Research and development expense Interest expense - net Gain on sale of businesses Other expense - net Income before income taxes Income tax expense 2021 2020 2019 $ 19,628 $ 17,858 $ 21,390 13,293 12,408 14,338 3,256 3,075 3,583 616 551 606 144 149 199 617 221 40 150 73 2,896 1,746 2,591 750 331 378 Net income 2,146 1,415 2,213 Less net income for noncontrolling interests (2) (2) Net income attributable to Eaton ordinary shareholders $ 2,144 $ 1,410 $ 2,211 Net income per share attributable to Eaton ordinary shareholders Diluted $ 5.34 $ 3.49 $ 5.25 Basic 5.38 3.51 5.28 Weighted-average number of ordinary shares outstanding Diluted Basic 401.6 404.0 420.8 398.7 402.2 419.0 Cash dividends declared per ordinary share $ 3.04 $ 2.92 $ 2.84 The accompanying notes are an integral part of the consolidated financial statements. (In millions) Assets Current assets Cash Short-term investments Accounts receivable - net Inventory Assets held for sale Prepaid expenses and other current assets Total current assets Property, plant and equipment Land and buildings Machinery and equipment Gross property, plant and equipment Accumulated depreciation Net property, plant and equipment Other noncurrent assets Goodwill Other intangible assets Operating lease assets Deferred income taxes Other assets Total assets 2021 2020 $ 297 $ 438 271 664 3,297 2,904 2,969 2,109 2,487 677 576 7,511 9,178 2,227 2,184 5,591 5,404 7,818 7,588 (4,754) (4,624) 3,064 2,964 14,751 12,903 5,855 4,175 442 428 392 426 2,012 1.750 $ 34,027 $ 31,824 Liabilities and shareholders' equity Current liabilities Short-term debt Current portion of long-term debt Accounts payable Accrued compensation Liabilities held for sale Other current liabilities Total current liabilities Noncurrent liabilities Long-term debt Pension liabilities Other postretirement benefits liabilities Operating lease liabilities Deferred income taxes $ 13 $ 1 1,735 1,047 2.797 1,987 501 351 468 2.166 2,027 7,212 5,881 6,831 7,010 872 1,588 263 330 337 326 559 277 1,502 1,439 10,364 10,970 Other noncurrent liabilities Total noncurrent liabilities Shareholders' equity Ordinary shares (398.8 million outstanding in 2021 and 398.1 million in 2020) 4 4 Capital in excess of par value 12,449 12,329 Retained earnings 7,594 6,794 Accumulated other comprehensive loss (3,633) Shares held in trust (1) (4,195) (2) Total Eaton shareholders' equity Noncontrolling interests Total equity Total liabilities and equity 16.413 38 16,451 14,930 43 14,973 $ 34,027 $ 31,824 7. Calculate the 2021 average days in inventory ratio for the company using the ratio formula we learned in chapter 6. Using that ratio, state the approximate number of days the company's average inventory was held during 2021. Cost of goods sold Inventory turnover ratio=- Average inventory